Trading on the floor of the NYSE, April 14, 2022.
U.S. stock futures changed slightly Sunday night as investors looked forward to a stacked week of earnings, including reports from major technology companies like Amazon and Apple.
Futures on the Dow Jones Industrial Average were flat. S&P 500 futures fell 0.1% and Nasdaq 100 futures changed slightly.
These initiatives come ahead of the busiest week yet in the corporate earnings season. About 160 companies in the S&P 500 are expected to report earnings this week, and all eyes will be on reports from major technology companies, including Amazon, Apple, Google’s parent company Alphabet, Meta Platforms and Microsoft.
Meanwhile, investors will be watching Twitter, which is reportedly reconsidering Elon Musk’s takeover bid after the billionaire investor revealed that he secured $ 46.5 billion in financing, according to a Wall Street Journal report citing unnamed sources.
On Friday, all the major averages fell as the likelihood of rising interest rates and the week’s corporate results spurred investors to sell.
The Dow Jones Industrial Average plunged 981.36 points, or 2.8%, to 33,811.40, on what was the Dow’s worst day since October 2020. The S&P 500 was 2.8% lower at 4,271.78, the worst day since March . The Nasdaq Composite fell 2.6% to 12,839.29.
“There has been severe damage in many areas of the market as money rotated to perceived ‘defenses’ such as Utilities, Staples, Pharma and even mega-cap growth,” said Jonathan Krinsky, chief marketing officer at BTIG. “Despite their strong momentum, these areas are now settling lower, while the low-momentum names continue to trend down.”
Coca-Cola is expected to report before Monday with a management call set for 8:30 am ET. Other companies reporting Monday include Activision Blizzard, Otis, Whirlpool and Zions Bancorp.
Wall Street is also looking forward to an important target for inflation this week. The personal spending index should be released Friday before noon. In February, core PCE rose 5.4%.